See Nigerians reactions as NNPC filling stations sets new fuel pump price

• Fuel prices have increased again at NNPC Limited filling stations across the country as the Federal Government takes a bold step toward full deregulation
• In Abuja, motorists are buying fuel at prices as high as N1,030 per litre, while it is cheaper in Lagos at N998 per litre.
• Nigerians have taken to social media to react to the latest price adjustment, which is the third in 2024

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigerians have reacted to the latest price adjustments of fuel prices at the Nigerian National Petroleum Company Limited (NNPC Ltd).

Legit.ng had earlier reported that Filling stations operated by the Nigerian National Petroleum Corporation (NNPC) Limited raised the pump price of fuel to 1,030 per litre in Abuja from N897 per litre.

Fuel prices at filling stations change again Photo credit: Benson Ibeabuchi
Source: Getty Images

In Lagos, fuel, which was previously sold for N885 per litre, is now being sold at N998 amid long queues.

The increase comes following NNPCL’s decision to exit its role as a middleman in the Dangote Refinery purchase deal.

This implies that the national oil company will no longer cover the price gap between the facility’s price and the selling price to retailers, previously absorbing a subsidy of N133 per litre.

This also means that there will be no more subsidy and petrol will be priced based on market forces.

The landing cost of Premium Motor Spirit, also known as petrol, was N1,009/litre as of Monday, October 7, 2024, which explains the pump price adjustments, BusinessDay reports.

Nigerians reacts to new fuel price

Kunle Alabi, who owns a barbing salon, told legit.ng:

"How do we survive, how much can I charge my customers when using generator? the new pump price is too much"

@Big_Rossie_ wrote on X:

"At this rate, petrol price will reach N1,500 by December."

@nathaliemayy also said:

"How are people supposed to afford that? It's going to make everything so much more expensive."

@CroBender added:

"It will favour me and my family."

@kulaleka reacts:

"Nigerians are going through a lot."

NNPC unveils six new locations for CNG

In related news, Legit.ng reported that NNPC Ltd has called on Nigerians to consider switching to Compressed Natural Gas (CNG).

The NNPC has ramped up efforts to expand the availability of CNG at its filling stations nationwide amid rising petrol prices.

The company said CNG stations are now available in Abuja at Gaduwa, Wuse, Gudu, Dei Dei, Ushafa, and Gwagwalada.

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Source: Legit.ng